"The work of a financial analyst falls somewhere in the middle between that of a mathematician and of an orator." - Benjamin Graham, The Intelligent Investor

The CC Security Analysis aims at providing

• Practice-oriented solutions for the analysis of Profitability, Growth and Risk
• Independent Research and Teaching in the area of
• Fundamental Analysis, Corporate Finance and Security Valuation
• Risk Management, Performance Management and Analysis of Risk and Return
• Financial Reporting, Regulation and Standard Setting

Mission Statement

Bridging Systemic and Idiosyncratic Risk Analysis through the integration of Fundamental Risk Analysis as well as Behavioral Aspects into Quantitative Risk Analysis. 

Foster critical reflection of investing and trading is not a “natural science”, it is driven by market dynamics, crowd behavior and fundamentals.

Seminars

Please visit the HSG Trading Room webpage for information on offered Executive Seminars.

Selected Articles in the field of Security Analysis:
•    Kok, Ribando, Sloan - 2017 - Facts about Formulaic Value Investing
•    Ahmed, Safdar - 2017 - Evidence on the Presence of Representativeness Bias in Investor Interpretation of Consistency in Sales Growth
•    Fama, French - 2017 - International tests of a five-factor asset pricing model
•    Penman - 2016 - Design of Financial Statements
•    Penman, Reggiani - 2013 - Returns to buying earnings and book value accounting for growth and risk
•    Soliman - 2008 - The use of DuPont Analysis by market participants
•    Ohlson, Juettner-Nauroth - 2005 - Expected EPS and EPS growth as determinants of value
•    Fairfield, Yohn - 2001 - Using asset turnover and profit margin
•    Beneish - 1999 - The detection of earnings manipulation.pdf
•    Ohlson - 1995 - Earnings, book values, and dividends in equity valuation


Selected Publications of the CC Security Analysis
•    Gutsche, Rif - 2017 - The Roadmap to Effective Segment Reporting, At the core of value discovery
•    Gutsche - 2016 - Goodwill in der Bilanz: Zum fragwürdigen Ansatz von Anschaffungskosten einer Investition, die sich schlussendlich „amortisieren“ muss – Ein Plädoyer, Spekulation wieder Anlegern zu überlassen
•    Gutsche - 2016 - Equity-settled Share-based Compensations: Fairly Presented and Decision Useful?
•    Gutsche, Gratwohl, Fauser - 2015 - Bewertungsrelevanz von Corporate Social Responsibility (CSR-) Informationen - Eine empirische Analyse 
•    Gutsche Intangibles, quo vadis? - Eine kritische Analyse von IFRS 13 und IFRS 3 - Zeitschrift für Internationale Rechnungslegung
•    Gutsche - 2015 - IFRS 13 - Fair Value Measurement: From Cost to Value? - Eine Bestandsaufnahme des Status Quo

Selected Working Papers of the CC Security Analysis
•    Ciocca, Gutsche - 2017 - Retail investors’ attention and momentum strategies - Evidence from the S&P 500
•    Baumeister, Gutsche - 2017 - The impact of CSR reporting quality on analyst forecast accuracy
•    Gutsche, Gratwohl, Schulz - Firm-value Effect of CSR Disclosure and CSR Performance